The global enhanced oil recovery market size is projected to reach USD 20.06 billion by 2027, exhibiting a CAGR of 7.5% during the forecast period. Increasing requirement for advanced oil recovery technologies around the world is expected to be the key growth driver for this market, as per the new Fortune Business Insights™ report, titled “Enhanced Oil Recovery Market Size, Share & Industry Analysis, By Technology (Thermal Injection, Gas Injection, and Chemical Injection), By Application (Onshore and Offshore), and Regional Forecast, 2020-2027”. Enhanced oil recovery (EOR), or tertiary recovery, is a technique that is deployed to increase oil production at a well-site. EOR mechanism is utilized to retrieve oil that primary and secondary extraction methods have been unable to retrieve. According to the US Department of Energy (DoE), EOR technology can lead to an increase in oil production between 30% and 60% of a reservoir’s original oil capacity. The technology features three main categories, namely, thermal recovery, gas injection, and chemical injection. Of these, the gas injection technique, involving pushing of CO2 in wellbores, has been found to be particularly successful, especially in North America, and is slated to lead the enhanced oil recovery market trends in the coming years.
The rising awareness about green energy sources across the world is transforming the energy and power industry. The trend of green energy is emerging on account of increasing environmental pollution from traditional energy resources. Governments are playing a significant role in conducting awareness programs about clean energy. Fortune Business Insights in a report, titled “Enhanced Oil Recovery Market Size, Share and Global Trend By Method, By Application and Geography Forecast till 2026” published the above information.
Fortune Business Insights provides a detailed evaluation of the global market by analyzing the factors driving the market. Besides this, it also discusses some of the economic trends prevailing in the energy and power industry. These trends are analyzed in the report to see an overall impact on the global market.
The EOR market report states that the value of the market stood at USD 15.77 billion in 2019. The other highlights of the report include:
- Targeted analysis of the impact of the COVID-19 outbreak on the market;
- In-depth study of the factors and trends shaping the market;
- Comprehensive evaluation of the regional dynamics influencing the market; and
- Thorough profiling of and research into the key market players and their strategies.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Top Players Overview:
Some of the leading players operating in the global Enhanced Oil Recovery market include;
- Conoco Phillips
- Husky Energy
- Cenovus Energy
- Imperial Oil
- China National Petroleum Corporation
- China Petroleum and Chemical Corporation (Sinopec)
- Occidental Petroleum
The rising instability in crude oil prices is expected to positively impact the growth of the Enhanced Oil Recovery Market. Rising privatization and relaxation in the FDI norms are factors enabling growth in the market. Also, governments are heavily investing in power projects, which in turn, may fuel demand for energy and power plants across the globe.
- July 2019: The Office of Fossil Energy under the US Department of Energy announced that it has selected five projects that will receive federal funding amounting to USD 39.9 million. This funding will be directed towards R&D in advancing the EOR technology in conventional and unconventional reservoirs.
- July 2019: The Indian Oil Corporation Limited (IOCL) and the Oil and Natural Gas Corporation Limited (ONGC) signed a MoU for implementing CO2-based EOR in the Koyali refinery operated by IOCL. The two companies aim at reducing India’s carbon footprint and elevating its domestic production simultaneously.
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